I have enabled the setting Require password 1 minute after sleep or screen saver begins. However, I sometimes noticed that my password is not asked after I open my laptop in the morning. This seems to coincide with Power Nap runs: if you open the laptop during that period, or probably in the minute after it goes back to sleep (checked using the Console:
RTC: Maintenance), the password is not asked.
Is this a bug/feature, or is there another setting I'm missing? Can others confirm this? (There is a simple test to find out when your computer is in Power Nap.)